Melinda M. Jacobs is an attorney practicing in the areas of estate planning such as trusts, wills, lady bird deeds, trust administrations and probate. Her office is in Port St. Lucie and she can be reached at 772-340-3771.
People often think that you need to be “rich” in order to draft a will or trust. While everyone’s situation is unique, there are many reasons why everyone should have an estate plan.
1.Appoint Guardians and Alternate Guardians for your minor children.
The biggest reason for a young couple to draft a last will is to name the person or people who will care for their children should they both pass away. Provisions should be made for both financial and custodial guardianship.
2.Appoint a Trustee to safeguard a beneficiary’s assets.
You can appoint a trustee to manage your child’s or any other beneficiary’s money until the age you designate in your document. The trustee will ensure that the money is used in the beneficiary’s best interests such as college and other educational expenses, medical needs, etc.
You can also decide at what age the beneficiary will take control of the money to ensure that when he or she assumes control over the money, that they will have the financial maturity to spend it wisely.
3.Appoint a Fiduciary to settle your estate.
A successor trustee and/or personal representative is responsible for gathering your assets, protecting them, paying any creditors, and then distributing the remaining assets to the beneficiaries named in your estate plan. By appointing a successor trustee and/or personal representative, you will have the peace of mind that comes with knowing who will handle your affairs during this sensitive time.
4.Choose how your estate will be distributed.
A revocable living trust or last will is a personal document and can be tailored to fit with your exact wants and desires in a clear and concise way. Although it may be tempting to use do-it-yourself forms, remember that your estate plan is a statement of your final wishes. By having your documents drafted by an attorney, it can help to avoid grueling legal battles over your property and belongings.
5.Not require your Personal Representative to post a bond.
A probate bond is a type of court bond issued on the performance of an executor of the estate of a recently deceased person. This is an unnecessary burden for the person responsible for carrying out your wishes and can be avoided by adding a provision in your will, dispensing of the requirement.
